The magnetocaloriceffect is considered as an energy-efficient and environmentally friendly technique which can take cooling technology to the next level. Apart from its commercial application at room temperature, magnetic refrigeration is an up-and-coming solution for the cryogenic regime, especially as an alternative to He3 systems. Molecular magnets reveal advantageous features for ultra-low cooling which are competitive with intermetallic and lanthanide alloys. Here, we present a guide to the current status of magnetocaloric effect research of molecular magnets with a theoretical background focused on the inverse magnetocaloric effect and an overview of recent results and developments, including the rotating magnetocaloric effect.